Perry Ellis International Inc. has extended the deadline for proper written notice in connection with the nomination of a director candidate for this year’s annual meeting of shareholders.
The new deadline is 5 p.m. ET on April 30. The company said it continues to evaluate the buyout proposal it received from former chairman George Feldenkreis.
Feldenkreis in March had requested an extension of the deadline to April 12. On Feb. 6, he submitted a non-binding offer valued at $430 million, or $27.50 a share, to acquire all of the shares of Perry Ellis that he doesn’t already own. The family’s ownership stake is valued at more than $100 million. The offer to take the company private was reaffirmed by Feldenkreis on April 9.
Perry Ellis in late February authorized a special committee to evaluate his offer.
Perry Ellis on Monday reaffirmed that there “is no assurance the proposal will result in a definitive offer to purchase the company’s outstanding capital stock or that any definitive agreement will be executed or that the proposal or any other transaction will be approved or consummated. The company will not move forward with any transaction unless it is approved by the special committee.”
Feldenkreis, Fortress Credit Advisors, the financial firm he is working with, and their advisers have signed non-disclosure agreements that contain so-called “standstill” provisions. These provisions typically address how a bidder can acquire or disposed of shares of the target company.